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SEC Issues Papers Analyzing IFRS
Practical Law Legal Update 2-513-4381 (Approx. 3 pages)
SEC Issues Papers Analyzing IFRS
by PLC Corporate & Securities
| Published on 21 Nov 2011 • USA (National/Federal) |
The SEC Staff issued two papers reviewing and analyzing International Financial Reporting Standards (IFRS) as part of the work plan to potentially incorporate IFRS into the financial reporting system for US issuers.
On November 16, 2011, the SEC Staff released two papers relating to International Financial Reporting Standards (IFRS):
- A Comparison of US GAAP and IFRS compares the requirements of IFRS with those of US GAAP. This paper excludes principles that are undergoing convergence between the International Accounting Standards Board and the Financial Accounting Standards Board.
- An Analysis of IFRS in Practice analyzes the use of IFRS as applied by 183 foreign companies, including some companies that currently are or previously were SEC registrants. This analysis was based on a review of the companies' financial statements prepared using IFRS.
These papers are part of the SEC's work plan for consideration of incorporating IFRS into the US financial reporting system. For more information on the SEC's work plan, see Legal Updates, SEC Launches Spotlight on Work Plan for Global Accounting Standards, SEC Approves Statement on Global Accounting Standards, and SEC Staff Issues Paper on Incorporating IFRS into US Financial Reporting.